Greek textile company Lanakam recorded a 50 per cent drop in its pre-tax profit for the first half of 2001. Company pre-tax profit fell to 96m Greek drachmas ($255,000) from 204m drachmas ($541,000) recorded for the same period last year.

The drop is due to the 40.2 per cent fall in sales, which went down to 807m drachmas ($2.1m) in the first half of 2001, against 1.350bn drachmas ($3.6m) in January-June 2000.